When we last touched on this story, the pervading theory was that the 1 Series coupe would donate its platform to the cause, and that aside from naturally-aspirated and turbo versions, a hybrid would also feature in the lineup.

Featuring concept artwork by renowned auto illustrator Mark Stehrenberger, Auto Motor und Sport’s article alleges not only that the Z2 is happening, but it offers some further technical details as well.

Whether there’s to be a hard top version isn’t clear, but AMuS says that the convertible will wear a soft top for reduced weight and complexity, rather than a retractable hard top like the 3 Series convertible or the Mazda MX-5.

The Z2 is expected to be powered by a range of naturally aspirated and turbo engines, with capacities of around 1.8 and 2.0 litre. Power is believed to start at around the 110kW (150hp) mark for the base model, and up to around 223kW (300hp) for the requisite M version.

A hybrid version is still on the table, but given the shape of things these days, who isn’t thinking about hybrids? Not blowing anyone away with that little rumour.

Active steering, a dual-clutch gearbox, and active suspension fill out the list of rumoured features.

AMuS says we should expect pricing for BMW’s new entry-level convertible to start at around AUD$46,728 (US$30,000), and that we might expect to see the real deal as early as 2010.